Homework on Finality - Questions

Blockchain and Bitcoin 101
#4537
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    • it means that it cannot be undone once transaction is verified.
  2. How does this lead to the trustless environment that blockchain creates?
    • it brings assurance to both vendor and consumer that their transactions has been carried. Neither parties could deny that a transaction never happened. Therefore eliminating the need for trust.
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#4538

Finality

  • No trust involved, because its verified with mathematics.
  • you can do business with strangers
  • Canā€™t reverse or alter transactions
2 Likes
#4539

  1. Once a transaction goes through and is verified by the network it canā€™t be changed. There is trust in the math, not the people doing the transacting. Businesses canā€™t scam and customers canā€™t scam. So you donā€™t need trust.

  2. It all centers on the network verifying the transactions. Not the people or governments or organizations that may try to take advantage of a system in a centralized authority.

2 Likes
#4540

  1. Whatever data is saved our ancient blockchain stone table can not be removed again.
    If a transaction is verified by the miner there is no way to get it back.

  2. Because no one could scam you by reversing an already made transaction.

1 Like
#4541

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transaction cannot be reverted or altered. Once they are approved they will stay in the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates?
    Because you don`t need to worry that person on the other side will cancel the transaction or send less money than what it was agreed (i am talking here about conventional banking). In case of blockchain you need to ā€œtrustā€ in math.
    [/quote]
1 Like
#4542
  1. Once a transaction has been confirmed there is no chance to refund money. In many cases thatā€™s unfortunate for us as users, though
  2. You have to be 100% sure about the amount to be sent and the receiver address because once you sent it you DO NOT own them anymore. You will only see your address as a sender in blockchain.
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#4543
  1. once a transaction is done on the blockchain, it canā€™t be undone
  2. because you trust the network to process your transaction, just as we trust that if I make a phone call, i will hear the person I intended to call on the other end.
1 Like
#4544

  1. Transaction finality and immutability means that once an entry is accepted by the blockchain it is physically impossible to change or remove it. This is done through mining and proof of work where miners use electricity to verify transactions.

  2. Blockchain create a trustless environment by being like a digital stone, which once written cannot be changed. By removing issues like chargebacks and other ways one could scam or attempt to cheat, the participating parties need not trust each other and instead trust the network and protocol.

1 Like
#4545

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cannot be reversed

  2. How does this lead to the trustless environment that blockchain creates?
    Transactions which has happened cannot be reversed or tempered with. No reversing of flow of funds, no charge backs, no need to trust any third parties.

1 Like
#4546

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has completed, it cannot be changed or removed.

  2. How does this lead to the trustless environment that blockchain creates?
    Because every transaction is verified and once recorded in the ledger, there are no changes or reversals allowed, thus no frauds is possible.

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#4547

  1. Blockchains finality and immutability means, no transaction can be removed from the ledger once it is sent. Know one can change or revert a transaction.

  2. This will lead to a trustless world where strangers can do business with out a middle man, because all parties in a transaction will be trusting the network not each other.

1 Like
#4548

When transaction are recorded they cannot be changed or reversed

You can deal with someone you donā€™t know there is no risk of not receiving your payment or seeing it reversed

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#4549
  1. Blockchain transactions are final and cannot be changed once verified by the network.
  2. Finality leads to trust as once you have received payment in a transaction you know the transaction cannot be changed on the blockchain and payment cannot be reversed.
1 Like
#4550

What do we mean when we say that blockchain has transaction finality/immutability?
A transaction can not be reversed, modified or deleted.
When it is sent, it is saved and imprinted on the network.

How does this lead to the trustless environment that blockchain creates?
Because of no changing, modifing, reverse or copy the transaction. And the verification of the transaction.

1 Like
#4551

When we say blockchain has transactions finality, we mean that after you make a transaction there is no way for you too reverse the transaction.

it leads to a trestles environment because everyone that uses blockchain trusts the network protocol.

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#4552

  1. Once executed, a transaction is final, there is no way to reversing it.

  2. Users bypass the trust in each other, even as strangers. They trust the blockchain itself.

1 Like
#4553
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Transactions canā€™t modified, removed or reversed.
  1. How does this lead to the trustless environment that blockchain creates?
  • Being able to do trust less business with strangers since transactions canā€™t be reversed.
1 Like
#4554

  1. Itā€™s irreversible.

  2. You donā€™t have to trust anymore because everything can be verified.

1 Like
#4555

  1. Once the transaction is completed, thereā€™s no going back.

  2. No scams are possible. Thereā€™s a complete record of every single transaction made and thereā€™s data to prove it.

1 Like
#4556

What do we mean when we say that blockchain has transaction finality/immutability?
There is no way to reverse any transaction.

How does this lead to the trustless environment that blockchain creates?
When you know that transactions are final, the system is has a high reliability factor which cannot be contested.

1 Like